Managing brands over geographic boundaries

Managing brands over geographic boundaries

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  Managing Brands over GeographicBoundaries and Market Segments Maham Rafi
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  Geographic Boundaries andMarket Segments  Companies are focusing on regional markets in an effort to counter globalization. In this regionalization, companies focus on geographic locations treating them as market segments.  The reason why companies are employing a regional approach is that mass markets have to cease to exist, as diversity in form of culture; demographics, etc. are in the forefront.  For example, Pepsi has created four regions within USA to focus on individual market segment and designing a marketing program because a typical large US city has Asian, Hispanic and African American population
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  Identifying New GeographicLocation As a business, you need to be where your customers are coming from, and you’ll want to research where your customers live to make sure that your business is well-placed. There are three critical components that can help to successfully fill a new geographic market Know your customer before you go Clearly define a strategy and plan Don’t underestimate the value of digital
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  1. Know yourcustomer before you go Before stepping into a new market, stand in their shoes and see through the lens of the people. This is the foundation for any successful transition. Without audience understanding, you will fail. 2. Clearly define a strategy and plan Based on the new customer, develop a comprehensive strategy adjusted for new nuances. Identify entry points, choose channels, develop messaging that will create resonate with the right people, and ultimately drive in-store visits. 3. Don’t underestimate the value of digital It’s not about public relations, it’s about personal relationships. Rely on digital to obtain brand awareness and pre-market expansion so you’re well positioned before the store even opens. Identifying New Geographic Location
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   To builda solid foundation for your business, you must first identify your typical customer and tailor your marketing pitch accordingly.  Targeting a specific market does not mean that you are excluding people who do not fit your criteria.  Target marketing allows you to focus on a specific market that is more likely to buy from you than other markets. Selecting New Market Segments
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  With a clearlydefined target audience, it is much easier to determine where and how to market your company. Following are the points that help to define a target market. Check out the competition Choose specific demographics to target Select the psychographics of your target Evaluate your decision Selecting New Market Segments